All Forum Posts by: Corina Eufinger

Everyone is correct with the grace period and not being able to issue the 5-day till after that.  My grace period is less than 5 days.  I even know a few landlords that don't have a grace period in WI.    If you have already issued a 5-day notice (legally meaning after the grace period) for the same offence in a calendar WI has a tool called the 14-Day you can issue.  Where as a 5-Day is curable the 14-day terminates the tenancy at the end of the lease saying basically "we're done with this $#*%".  If they fail to move out after 14 days you can file a holdover eviction. 

@David C Heiling Try reaching out to Chris Mokler of KW.  He's a commercial realtor in the area.  He mostly does larger multifamily and commercial but he may have a referral for you. He's an investor himself so he definitely understands what you need in regards to services. 

Zach Starnes is great to work with.  I highly recommend him.

In Wisconsin, you should be using a Smoke Detector/Carbon Monoxide agreement.  You can purchase these from Wisconsin Legal Blank and they do put battery responsibility on the tenant. 

Bitter cold temps can affect the performance of "electrical" based locks.  Most of them are rated to survive in double digits, but when you to singles and negative it gets dicey real quick.   

Hi @Chris Bla, 

Any area you want to invest in be sure you research the municipal and county code for regulations affecting rentals.  These regulations can include additional protected classes of fair housing,  interior condition requirements, etc.  I'm not saying any of these are bad, but be sure to familiarize yourself with them so you can adequately determine how they affect your ability to invest there. 

As for picking a PM, most of my advice is the same whether you are remote or close.  You should be able to have open and honest conversations with the PM.  I like to call it "have a beer test".  A property manager doesn't have to feel like they could become your friend but they should be someone you wouldn't feel uncomfortable sitting down to have a beer with. You shouldn't feel intimidated or like a hassle.  You can get recommendations from other investors for starters then make phone calls, and send emails.  Get an idea of their procedures (delinquency, maintenance, etc). Ask for a full list of the fees, including all fees beyond commission. It's okay to quiz the company to test their knowledge of state law and you should.  Any misstep on a delinquency notice or security deposit can end up being a headache for you and costly.  So review the statutes and then slide in some knowledge questions. "When do you mail security deposit reconciliations?" If they answer 30 days and the state says they need to be issued in 21 days, move on.  My only bit of advice that changes, because you are remote, is you want a PM that is willing to send you pictures of the building a couple of times a year. This is particularly true so you can plan for big building projects like tree removal, painting, etc  This can coincide with PM inspections, which being remote you definitely want to be sure you're covered. 

Check and see if the internet provider for your STR has an app that allows you to remotely reset the router and modem. My internet provider has that which is handy because we have our gear mounted to a beam in the ceiling (don't ask). This way if a guest has problems resetting the devices themselves, you can do it wherever you are. Beyond extending the signal and an actual outage this will solve 98% of issues.

Welcome to BP! This is a great place to ask questions and network.  The more you put into this community, the more you can get out of it.  Good luck!

@Jim Reynante Appleton is a good place to invest! Low crime, steady employment opportunities in the surrounding areas as well as Appleton.  You can also easily diversify there. You can have some student housing, regular long-term rentals, and even some STRs if you choose. There's a market for all that in the area.  

@Nay Russ The Midwest is a good opportunity zone right now. Oklahoma, Iowa and Wisconsin are some of the best.  Steer clear of MN and IL (no offense to anyone currently investing there!),  I'm from Wisconsin and we do have some good markets particularly the "sleeper" ones that are not gaining national attention.